Rupee ends down by 60 paisas against dollar

Rupee ends down by 60 paisas against dollar

KARACHI: The Pak Rupee ended down by 60 paisas against dollar on Monday on uncertain global and domestic financial conditions.

The rupee ended Rs166.14 to the dollar from last Friday’s closing of Rs165.54 in interbank foreign exchange market.

Currency analysts said that the rupee was remained under pressure due to outflow of foreign investment due to easing in monetary policy stance and global financial crisis after large scale spread of coronavirus.

The State Bank of Pakistan (SBP) cumulatively brought down the policy rate by 2.25 percent to 11 percent considering severe impact of coronavirus on the economy.

However, lowering the policy rate the foreign investors opted to sell their exposures in treasury bills after the reduction in the policy rate.

Currency experts said that the lower international oil prices however would help the local currency to recovery in the coming days as Pakistan’s import bill would reduce significantly.